Trading, page-38

The market sees the insipid management and marks it down.

We're all keen to see a resource from Wagga Tank and Southern Nights but what about T1/Silver Ray? It was nearly 4 years ago (June 2015) that the company announced the following:

SPECTACULAR NEW ZINC-LEAD-SILVER-GOLD INTERCEPTSNEAR-SURFACE AT MALLEE BULL
12m @ 20.30% Zn, 14.81% Pb, 0.54% Cu, 308 g/t Ag and 1.59g/t Au from 83mincluding 7m @ 31.44% Zn, 19.37% Pb, 0.58% Cu, 440 g/t Ag, 2.53 g/t Au from 83min MBRC024

We still don't know what the JORC resource is for T1 (or is it called Silver Ray??). Bonanza grades of 40% Zinc equivalent from within 70 vertical metres of the surface and it's still stranded in a pre-feasibility study. If you could fill up a 50 tonne mining truck with 40% Zinc that equates to AUD $78,000 per truck load. Even if the average resource grade is 15% the value of ore in the back of the truck is AUD$30,000.